May 10, 2023

Consumer Duty Update

With less than three months to go until the implementation of the Consumer Duty, Sheldon Mills gave a speech urging firms to ensure they are ready for the 31 July deadline.

In the speech, Sheldon sets out how our supervisory and enforcement approach will be proportionate to the harm – or risk of harm - to consumers, with a sharp focus on outcomes. Sheldon also acknowledges the work undertaken by financial services firms to implement the Duty and sets out how it could boost the competitiveness of the sector.

The FCA have also shared their findings from their review of firms’ fair value assessment frameworks which highlights good practice and areas for further consideration.